Companies and Securities Advisory Committee
Section 1:  Overview, appropriations and budget measures summary
Overview
The Companies and Securities Advisory Committee (CASAC) was established in September 1989. Its role, as set out in Section 148 of the Australian Securities and Investments Commission Act 1989 (the ASIC Act), is to advise the Minister on any matters concerning the Corporations Law or improving the efficiency of securities and futures markets. CASAC may undertake reviews on its own initiative, as well as at the request of the Minister.
The Legal Committee was established in September 1991 to provide expert legal analysis, assessment and advice to the Advisory Committee.
The Treasurer appoints the members of the Advisory Committee and Legal Committee in their personal capacities.
Appropriations
The total appropriations for CASAC in the 2001-02 Budget are $0.9 million (see Table 1.1 on the following page).

Part C:  Agency Budget Statements – CASAC

Companies and Securities Advisory Committee — appropriations 2001-02

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Table 1.1:  Appropriations and other revenue

(1)	C1 and E1 refer to information provided in Table 2.1. K1 refers to information provided in Table 3.1.
*	Percentage figures indicate the percentage contribution of revenue from government (agency appropriations) to the total price of outputs, by outcome.

Administered capital and agency equity injections and loans
CASAC does not have an appropriation for an equity injection or loan or an appropriation for administered capital in 2001-02.
Section 2:  Outcomes and outputs information
Outcomes and output groups
The map below shows the relationship between Government outcomes and the contributing outputs for the Companies and Securities Advisory Committee (CASAC). Financial detail for Outcome 1 by output appears in Table 2.1 while non‑financial information for Outcome 1 appears in Table 2.2.
Chart 6:  Outcomes and output groups

Changes to outcomes and outputs
There are no proposed changes in outcomes or outputs from the previous year.
Outcome 1 — Description
A fair and efficient market characterised by integrity and transparency and supporting confident and informed participation of investors and consumers.
Measures Affecting Outcome 1
There are no measures for CASAC in the 2001‑02 Budget.
Outcome 1 — Resourcing
Table 2.1:  Total resources for Outcome 1

(1)	C1 and E1 — see Table 1.1.

Outcome 1 — Contribution of outputs
The output of CASAC is similar to the first output of the Australian Securities and Investments Commission (ASIC) policy and guidance about the laws administered by ASIC. CASAC focuses on the legislation related to companies and financial markets, and its operations involve initiating major policy innovation in corporate law, reviewing procedural and other issues in current practice, and reviewing draft legislative policy and Bills. This is basic to the achievement of the Government outcome of confident and informed participation of investors and consumers in the financial system.
Table 2.2:  Performance information for Outcome 1
Performance information for agency outputs	
Output Group 1.1 — Companies and Securities Advisory Committee	
Output 1.1.1 — Annual Report and discussion papers

Output 1.1.2 — Recommendations and reports

	The Advisory Committee seeks to stimulate and lead public debate on the enhancement of standards for corporations and participants in securities and futures markets, and proposes regulatory reform where necessary.

To achieve these performance goals, the Advisory Committee seeks the expert advice of its Legal Committee, encourages public comment on its discussion papers and thoroughly reviews all submissions received on them. This well established process of public review is designed to ensure that the commercial community has the opportunity to fully participate in the law reform process.

Through this consultation and review process, and the provision of timely advice to the Treasurer and the Minister for Financial Services and Regulation in the form of Advisory Committee Reports and other papers, the Committee seeks to ensure that Australian securities and futures markets and corporations continue to operate in a commercial environment of the highest standards supported by appropriate legislation.	

Evaluations
There are no planned evaluation activities in the 2001-02 financial year.
Competitive tendering and contracting
CASAC predominantly achieves cost effectiveness in its non-core operations through the use of contracts arranged by or through ASIC. This would mainly relate to travel management and other general administrative expenditure, including capital item purchases.

Section 3:  Budgeted financial statements
The budgeted financial statements will form the basis of the financial statements that will appear in the Companies and Securities Advisory Committee (CASAC) 2001‑02 Annual Report, and form the basis for the input into the Whole of Government Accounts. The financial statements should be read in conjunction with the accompanying notes.
The budgeted financial statements have been prepared in accordance with the Goods and Services Tax (GST) accounting guidelines of the Urgent Issues Group (UIG) of the Australian Accounting Standards Board. The UIG consensus requires that expenses and assets be accounted for net of recoverable GST, revenues be accounted for net of GST payable and that cash flows and accounts payable and receivable be reported gross. Appropriations are thus net of recoverable GST amounts.
Agency statements
Budgeted agency statement of financial performance
This statement provides a picture of the expected financial results for CASAC by identifying full accrual expenses and revenues, which highlights whether CASAC is operating at a sustainable level.
Budgeted agency statement of financial position 
This statement shows the financial position of CASAC. It enables decision-makers to track the management of CASAC’s assets and liabilities.
Budgeted agency statement of cash flows 
This statement identifies expected cash flows from operating activities, investing activities and financing activities.
Agency capital budget statement 
This statement shows all proposed capital expenditure funded through the Budget as appropriations or from internal sources.
Agency non-financial assets — summary of movement
This statement shows the movement in CASAC’s non-financial assets over the Budget year 2001-02.

Table 3.1:  Budgeted agency statement of financial performance
for the period ended 30 June

(1)	K1 — see Table 1.1.

Table 3.2:  Budgeted agency statement of financial position
as at 30 June

Table 3.3:  Budgeted agency statement of cash flows
for the period ended 30 June

Table 3.4:  Agency capital budget statement

Table 3.5:  Agency non-financial assets — summary of movement (Budget year 2001-02)

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Part C:  Agency Budget Statements — CASAC

Notes to the financial statements
Basis of accounting
The financial statements have been prepared in accordance with the historical cost convention.

Appendix 1
Non-appropriation agency revenue